The ability to produce a product at a lower resource cost than another nation can produce the same product is called comparative advantage
Indicate whether the statement is true or false
FALSE
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Secured property rights provide individuals with incentive to use the resources they own productively because they realize the gains from this use
Indicate whether the statement is true or false
The difference between the maximum amount a person would be willing to pay for a good and the amount that a person actually pays is called
a. marginal utility b. equalization principle c. auction pricing d. consumer surplus e. demand responsiveness
Which of the following represents real GDP?
A) GDP in constant dollars B) GDP in terms of goods C) GDP in base year dollars D) all of the above
Suppose a new way of producing fireworks is developed, using different chemicals that do not release as many hazardous heavy metals into the environment. Which type of innovation is this?
A. The creation of a new good or service B. A productivity-enhancing innovation C. A quality-of-life innovation D. Basic research